Goodrich Petroleum redeems convertible preferred stock

By Angela McDaniels

Seattle, Feb. 21 - Goodrich Petroleum Corp. said that holders of 15,539 shares of its series A convertible preferred stock elected to convert their shares into 6,466 shares of the company's common stock before the planned redemption on Friday.

The remaining 775,429 shares of convertible preferred stock were redeemed for $12 per share plus accrued dividends.

The total redemption cost to Goodrich Petroleum was roughly $9.4 million, which the Houston oil and gas exploration and production company said it funded from available cash resources.

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